Cathie Wood's Ark Invest purchased a total of 238,346 shares of Bullish, worth roughly $11.98 million, on Monday across three of its exchange-traded funds.
Ark's Monday trading filing shows that the ARK Innovation ETF (ARKK) bought 164,214 shares of Bullish, and the ARK Next Generation Internet ETF (ARKW) purchased 49,056 shares. The ARK Fintech Innovation ETF (ARKF) also added 25,076 Bullish shares to its portfolio.
Ark has been increasing its exposure to Bullish since the exchange went public. The firm purchased $172 million worth of Bullish shares when the crypto exchange debuted on the New York Stock Exchange in August.
Following Monday's purchases, Bullish shares now represent 0.97% of ARKK, 0.98% of ARKW, and 1.18% of ARKF.
Meanwhile, Bullish's stock traded nearly flat on Monday, closing down 0.61% at $50.26, according to The Block's price page. The stock has fallen 22.45% over the past month and dropped 47.48% since its debut.
Bullish, backed by billionaire tech investor Peter Thiel, launched spot trading in the U.S. in early October after obtaining the BitLicense and Money Transmission License from the New York State Department of Financial Services in September. The exchange said it has surpassed over $1.5 trillion in cumulative trading volume since late 2021.
The crypto exchange is scheduled to report its third quarter earnings on Nov. 19. In the second quarter, it posted $57 million in adjusted revenue, down from $67 million a year earlier. Its net income came in at $108.3 million in the second quarter, compared with a net loss of $116.4 million in the same period last year.